{"id":10598,"date":"2022-02-08T14:27:47","date_gmt":"2022-02-08T11:27:47","guid":{"rendered":"https:\/\/www.robomarkets.com\/blog\/?p=10598"},"modified":"2023-08-09T13:59:56","modified_gmt":"2023-08-09T10:59:56","slug":"ipo-of-turo-a-peer-to-peer-carsharing-marketplace","status":"publish","type":"post","link":"https:\/\/www.robomarkets.com.cy\/blog\/stock-market\/ipo-of-turo-a-peer-to-peer-carsharing-marketplace\/","title":{"rendered":"IPO of Turo: A Peer-To-Peer Carsharing Marketplace"},"content":{"rendered":"\n

In the last few years, carsharing services have gained a competitive edge over conventional taxi providers thanks to their convenience and cost-effectiveness. To start such a business, you are required to have the relating software and a car park.<\/p>\n\n\n\n

When individual car owners want to rent out their vehicles themselves, they can only do so by private arrangements, which is quite risky due to the possibility of damage to the car or theft.<\/p>\n\n\n\n

\"Turo<\/figure>\n\n\n\n

Turo Inc<\/strong>. acts as an intermediary between car owners (the hosts on its marketplace) and those who want to lease a vehicle. The company is planning to go public by listing on the NYSE under the \"TURO\" ticker symbol. The IPO<\/a> date hasn’t been announced yet, giving us plenty of time to analyse the issuer’s business and financial reports.<\/p>\n\n\n\n

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<\/span>The business of Turo <\/span><\/h2>\n\n\n\n

When the company was established in 2009, it was named RelayRides. In March 2016, it was rebranded as Turo, and it relocated its headquarters to San Francisco, California. Andre Haddad has been Turo’s CEO since 2011.<\/p>\n\n\n\n

\"Cars
Cars of Turo<\/em> <\/figcaption><\/figure>\n\n\n\n

Turo is not a conventional carsharing company: the issuer acts as an intermediary between the car owners and the lessees. The company’s income is generated from the commission made from every vehicle rental. Through this business model, the company avoids incurring car maintenance expenses.<\/p>\n\n\n\n

Nevertheless, Turo insures cars from damages by using the services of third-party insurance companies. The insurance scheme is specified by the car owner. Among the things covered by insurance is car theft. This means that the company bears no risks.<\/p>\n\n\n\n

\"Turo’s<\/a>
Turo’s business growth rate<\/em> <\/figcaption><\/figure>\n\n\n\n

Car owners are obliged to monitor their vehicles’ health themselves and keep them complying with Turo’s technical requirements. A lessee can return a car at an owner’s residence or a specified nearby area, and also at an airport or a railway station.<\/p>\n\n\n\n

\"Turo’s<\/a>
Turo’s business growth rate<\/em> <\/figcaption><\/figure>\n\n\n\n

According to the report, in the nine-month period up to 30 September 2021, Turo’s platform and application had over 1.3 million active guests, 85,000 car owners, and about 160,000 active vehicles in 7,500 cities.<\/p>\n\n\n\n

<\/span>The market and competitors of Turo<\/span><\/h2>\n\n\n\n

According to the company’s research, based on the data provided by the International Road Federation (IRF), Turo’s target market is $146 billion. The issuer is expecting to monetise 749 billion miles of car rides in the US, Canada, and the UK.<\/p>\n\n\n\n

If the company decides to expand to the countries of the European Community, Latin America, and Africa, its target market potential may add $230 billion.<\/p>\n\n\n\n

Turo's key competitors are:<\/p>\n\n\n\n